One in five customers already used the service.
Gone are the days when customers would have to visit a UOB branch during banking hours to carry out transactions on their Gold or Silver Savings Accounts.
United Overseas Bank has become the first bank in Singapore to offer retail customers online access to a Gold or Silver Savings Account.
Since the launch of the online service, the number of new Gold and Silver Savings Accounts has increased by 22 per cent and 11 per cent in the first six months respectively.
Approximately one in five existing Gold Savings Account holders has used the new online service which is available through UOB Personal Internet Banking.
UOB customers can invest in gold and silver by purchasing as little as 5 grammes of gold or 10 ounces of silver.
Asian Banking and Finance talked to Ms Beh Hsia Wa, Director of UOB Bullion and Futures, and here's what she has to say:
ABF: What do you hope to achieve with this initiative?
UOB is the first and only local bank in Singapore to offer physical gold to retail customers at our main branch, and we wanted to provide our customers with convenient access to their Gold and Silver Savings Accounts.
Customers can now access these accounts online and even after banking hours, making it easier for customers to manage better their portfolios.
ABF: Anything else you'd like to add?
We have seen strong gold demand from our retail customers since the gold price dropped below US$1500 per ounce in April. On average, we saw an increase in transactions of 40 per cent as compared to the period before April.
We are also seeing an increasing number of younger people showing interest in gold and silver products. Generally, they tend to prefer to trade online, with 11 per cent of all online transactions performed by customers aged 20 to 29.
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